PSO receivables cross Rs803 billion

Pakistan State Oil (PSO) is in deep financial quagmire as the company receivables ballooned to Rs803 billion during the current fiscal year, reported 24NewsHD TV channel on Saturday.

According to details, an amount of Rs528 billion is payable pending against Sui Northern Gas Company Limited (SNGPL) for import of LNG, while Rs187 billion are pending against power sector. Pakistan International Airlines (PIA) is defaulter of Rs29 billion.

It is necessary to mention here, that payable amount reached Rs57 billion due to difference in exchange rate.

Sources said that PSO have to clear all pending arrears of local refineries for import of petroleum products.

Sources further revealed that PSO asked all relevant ministries to provide funds amounting to Rs50 billion on priority basis to clear all outstanding dues.

Reporter Ashraf Khan